Providence Service (PRSC) to Sell Majority Stake in Matrix Medical Network
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Frazier Healthcare Partners is pleased to announce that it has closed on the acquisition of a majority share of Matrix Medical Network (“Matrix”) from Providence Service Corporation (Nasdaq: PRSC). Based in Scottsdale, AZ, Matrix is a leading provider of in-home, facility and community-based risk adjustment and care management services to health plans and risk-bearing providers. Frazier, along with co-investors acquired a 53% interest in the company with Providence retaining the remainder. The definitive agreement was initially announced on August 29, 2016.
Frazier will assist the current Matrix management team, led by Walt Cooper, Chief Executive Officer, through its next phase of growth as it expands into new payor markets and offers new products and services to existing clients. Brett Moraski, a long-tenured managed care executive and Frazier Operating Partner, will collaborate with Matrix and Frazier General Partners Ben Magnano and Brian Morfitt will be members of the Board of Directors.
“We are excited to help Matrix expand its core offerings into adjacent markets and provide innovative additional services to its customers' members,” said Ben Magnano, General Partner at Frazier. “This partnership is another successful example of Frazier's operating model whereby we work with experienced executives to identify and invest in growth areas within healthcare. We look forward to working with the Matrix team to continue driving the future growth of the business.”
“The support of Frazier will help us to execute our growth strategy and realize our full potential as a diversified healthcare services company,” said Walt Cooper, CEO of Matrix. “With our proven operational platform as a foundation, we are well positioned to expand the services we provide and the populations we support.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pandora (P) Advisers Said to Begin Reaching Out to Possible Suitors Following Approach from Sirius (SIRI) - Bloomberg
- Bonanza Creek Energy (BCEI) Announces Receipt of Continued Listing Standard Notice from NYSE
- Sears Holdings (SHLD) Director Mnuchin Resigns Amid Trump Nod
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions, Spinoffs
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!